Grande Portage Resources : Quarterly Report for the Period Ended July 31, 2021

GRANDE PORTAGE RESOURCES LTD.

(An Exploration Stage Company)

Condensed Consolidated Interim Financial Statements

July 31, 2021 and 2020

(Expressed in Canadian Dollars)

Index	Page
Management's Responsibility for Financial Reporting	2
Condensed Consolidated Interim Statements of Financial Position	3
Condensed Consolidated Interim Statements of Comprehensive Loss	4
Condensed Consolidated Interim Statements of Changes in Equity	5
Condensed Consolidated Interim Statements of Cash Flows	6
Notes to the Consolidated Financial Statements	7 - 14

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MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The financial statements and all information in the quarterly report are the responsibility of the Board of Directors and management. These financial statements have been prepared by management in accordance with International Financial Reporting Standards. Management maintains the necessary systems of internal controls, policies and procedures to provide assurance that assets are safeguarded and that the financial records are reliable and form a proper basis for the preparation of financial statements.

The Board of Directors ensures that management fulfils its responsibilities for financial reporting and internal control through an Audit Committee. This committee, which reports to the Board of Directors, meets with the independent auditors and reviews the financial statements.

The financial statements for the nine-month period ended July 31, 2021 and 2020 are unaudited and prepared by Management.

The Company's independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

"Ian Klassen" (signed)	"Michele Pillon" (signed)
....................…………………......	....................…………………......
Ian Klassen	Michele Pillon
President, CEO and Director	Chief Financial Officer
Vancouver, British Columbia
September 29, 2021

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GRANDE PORTAGE RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian Dollars)

	As at		Note	July 31, 2021	October 31, 2020
					$	$
	ASSETS
	CURRENT ASSETS
	Cash			5,542,781	1,492,146
	Amounts receivable			23,198	15,104
	Prepaid expenses and deposits			214,285	61,417
	Marketable securities			1,449	1,192
					5,781,713	1,569,859
	RECLAMATION BONDS		3	72,153	72,153
	EXPLORATION AND EVALUATION ASSETS	4	11,725,810	10,787,096
					17,579,676	12,429,108
	LIABILITIES
	CURRENT LIABILITIES
	Accounts payable and accrued liabilities	6	30,794	450,327
	EQUITY
	SHARE CAPITAL		5	35,017,251	28,791,187
	RESERVES			3,370,929	2,923,929
	DEFICIT			(20,839,298)	(19,736,335)
					17,548,882	11,978,781
					17,579,676	12,429,108
Nature of Operations and Going Concern (Note 1)
Commitments and Contingencies (Note 9)
Subsequent Event (Note 10)
	APPROVED ON BEHALF OF THE BOARD OF DIRECTORS:
	"Ian Klassen"		Director		"Alistair MacLennan"		Director
	Ian Klassen			Alistair MacLennan

The accompanying notes are an integral part of these consolidated financial statements.

3

GRANDE PORTAGE RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS FOR THE NINE MONTHS ENDED JULY 31, 2021 AND 2020

(Expressed in Canadian Dollars)

		Three Months Ended		Nine Months Ended
		July 31,		July 31,
		2021		2020		2021		2020
Administrative expenses
Share-based compensation	$	307,200	$	169,300	$	447,000	$	243,600
Investor & shareholder relations		83,293		122,561		186,686		206,840
Management fees		74,550		51,650		165,075		145,450
Legal and accounting		48,686		24,476		104,197		82,448
Consulting		48,000		50,000		88,000		63,755
Regulatory and transfer agent fees		30,096		32,605		43,407		56,225
Directors' fees		10,000		10,000		30,000		10,000
Rent		4,500		4,500		13,500		13,500
Office and miscellaneous		8,444		2,319		17,225		8,752
Travel & promotion		2,529		7,875		4,387		22,222
Total expenses		(617,298)		(475,286)		(1,099,477)		(852,792)
Other items
Foreign Exchange gain / (loss)		5,359		(3,603)		(3,845)		1,738
Interest earned		102		68		102		68
Unrealized gain / (loss) on marketable
securities		(77)		244		257		(362)
		5,384		(3,291)		(3,486)		1,444
Gain / (Loss) for the period		(611,914)		(478,577)		(1,102,963)		(851,348)
Deficit, beginning of period		(20,227,384)		(19,072,171)		(19,736,335)		(18,699,400)
Deficit, end of period	$	(20,839,298)	$	(19,550,748)	$	(20,839,298)	$	(19,550,748)
Gain / (Loss) per share	$	0.00	$	0.00	$	0.01	$	0.01
Weighted average number of
shares outstanding		89,506,517		70,177,804		79,697,770		63,597,884

The accompanying notes are an integral part of these consolidated financial statements.

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GRANDE PORTAGE RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED JULY 31, 2021 AND 2020

(Expressed in Canadian Dollars)

	Issued Capital	Contributed
	Shares	Amount	Surplus	Deficit	Total
		$	$	$	$
Balance, November 1, 2019	53,607,683	23,993,075	2,633,829	(18,699,400)	7,927,504
Shares issued for private placements	23,889,122	4,620,325	-	-	4,620,325
Shares issued for finders' fees	151,500	45,450			45,450
Share issue costs	-	(67,370)	-		(67,370)
Shares issued on warrant exercise	997,801	155,648			155,648
Share-based compensation	-	-	290,100	-	290,100
Comprehensive loss	-	-	-	(850,030)	(850,030)
Balance, July 31, 2020	78,646,108	28,747,128	2,923,929	(19,549,430)	12,121,627
Balance, November 1, 2020	78,930,125	28,791,187	2,923,929	(19,736,335)	11,978,781
Shares issued for private placement	8,919,788	4,060,155	-	-	4,060,155
Shares issued on warrant exercise	13,408,945	2,105,229	-	-	2,105,229
Share issue costs	-	(55,570)	-		(55,570)
Shares issued on option exercise	775,000	116,250	-	-	116,250
Share-based compensation	-	-	447,000	-	447,000
Comprehensive loss	-	-	-	(1,102,963)	(1,102,963)
Balance, July 31, 2021	102,033,858	35,017,251	3,370,929	(20,839,298)	17,548,882

The accompanying notes are an integral part of these consolidated financial statements.

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